Colliers International reports that industrial property businesses could reclaim up to £181,000 on overpaid business rates if they lodge an appeal by 31 March.
Colliers’ research examined the number of industrial assessments in each region nationally along with total rateable value (RV), which revealed between £90,000 and £180,000 could be reclaimed based on a 7.5% reduction, which the company has already achieved.
Industrial landlords and occupiers could see the greatest rebates payable for assets in the East of England, due to this region having the highest average rateable value. There are fewer assessments than either the East or West Midlands and as a result, the average is higher as the total RV is split between fewer assessments.
John Webber, Head of Rating at Colliers International is spearheading a campaign to highlight to businesses the opportunity to appeal and claim back thousands of pounds, dating back to 2010.
Webber, commented: “In our experience, the Valuation Officer misunderstands the dynamics of the ‘shed’ market and invariably uses inappropriate rental evidence to determine the assessments on the majority of properties. We would encourage any ratepayer to look closely at how their property has been valued before the shutters come down at the end of March, or risk losing out on thousands if not hundreds of thousands of pounds.
“We are also concerned that the new deadline will cause panic, with the cowboys in the industry persuading clients to appeal en-masse without appropriate due diligence, resulting in an increase in rates liability, ironically, also dating back for five years.”
Businesses have just four weeks left to appeal their Business Rates, before the deadline.
Colliers International has set up a hotline for businesses to call, to find out more about this issue and to find out whether they are entitled to a rebate: 0800 3583230 or more information can be found on the Colliers International website here.